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Recent insights


New corporate governance principles for large private companies launched

14 Dec 2018
The UK's Financial Reporting Council has published the final version of the Wates Corporate Governance Principles for Large Private Companies (Principles). The Principles have been developed following the Government's Green Paper in 2016 and the BEIS Select Committee report in April 2017 which considered the need for improved transparency and accountability in the corporate governance of large private companies.

2018: Another year, more financial crime prevention requirements

13 Dec 2018
Emma Radmore of Womble Bond Dickinson's  Annual Update looks back at what has happened in the world of financial crime prevention since the 2017 update. It seems as if we are still coming to terms with the changes of 2017 yet now must adapt to more. And all this in the (at the time this article was written) uncertain climate as to when, or even whether, Brexit will happen and the terms on which any orderly or disorderly exist will take place. There have been some key developments on the EU front with the fifth Money Laundering Directive (MLD5) and the domestic front with the Sanction and Anti-Money Laundering Act 2018 (SAMLA). There are some key changes in the pipeline (reform of the Suspicious Activity Reports (SARs) regime, and in the mix the usual interesting enforcement actions and regulatory reviews.

Brexit: are you ready? (be careful how you answer)

12 Dec 2018
The ongoing political drama at Westminster is severely testing the patience of businesses. The urgent need for clarity has prompted many businesses to seek contractual reassurance from their suppliers and potential suppliers. In recent months, we have seen a significant surge in the use of "Brexit Readiness Questionnaires". Many ask for confirmation that suppliers have Brexit resilience plans in place. Some go further, and call for confirmation that continuity of supply will be maintained once Brexit has taken effect.

Brexit: is an 'accidental no deal' possible?

11 Dec 2018
The UK government's extraordinary decision on 10 December to delay the 'meaningful vote' on the Withdrawal Agreement and Political Declaration (WA) has focused attention on 21 January 2019 as a key milestone in the Brexit process, and on the duties imposed on the government by the EU (Withdrawal) Act 2018, section 13. The crucial question is whether the government's decision to delay the 'meaningful vote' increases the risk of an accidental 'no deal' Brexit due to the very short time remaining before expiry of the Article 50 notice on 29 March 2019.